UPMC innovation arm allots $1B for life sciences drugs, devices

UPMC's innovation, commercialization and venture capital arm plans to funnel a total of $1 billion into the development of new drugs, diagnostics and devices by 2024, the Pittsburgh-based health system announced Jan. 14.

With the funding, UPMC Enterprises will collaborate with and invest in partners pursuing scientific and commercial work that aligns with UPMC's own life sciences research and development.

"The common link among our investments will be that each has a direct and powerful impact on how we care for patients, while generating a significant financial return," Jeanne Cunicelli, executive vice president of UPMC Enterprises, said in the announcement. "As important as the funding is the unparalleled scientific and medical expertise backing our ideas, thanks to resources provided by UPMC and our academic partner, the University of Pittsburgh."

The $1 billion total includes the $200 million UPMC committed to a partnership with the University of Pittsburgh in 2018. That investment established the UPMC Immune Transplant and Therapy Center, an eight-story hub for immunotherapy research featuring lab and office space, as well as space for startups and other industry partners.

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